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The Olympics Deserves Gold Medal In Economic Gloom

Rugby mania is coursing through Japan. It’s not just the sudden of burst of generously sized foreigners wandering around Tokyo, Sapporo and Kumamoto. Japan’s national team is beating virtually all expectations, even besting top-ranked Ireland.

Yet the Rugby World Cup is really a dry run for the main event of Shinzo Abe’s premiership: the 2020 Tokyo Olympics.

Hosting the Summer Games is a career topper for Abe, whose grandfather, the former Prime Minister Nobusuke Kishi, brought the 1964 Olympics to Tokyo. Fifty-five years on, that event still enjoys a bull market in nostalgia. It marked Japan’s return to the world stage from the ashes of war and humiliating defeat.

And wow, did it ever. Japan’s futuristic bullet trains, avant-garde stadiums and neon-lit skylines captured the global imagination. The nation hadn’t just risen, phoenix-like, it was suddenly setting the technological tone, serving as a preview for Japan’s economic boom of the 1970s and 1980s.

Today In: Asia

Can Japan do it again? Doubtful. In fact, there are valid reasons to worry next year’s Olympics might do more to limit Japan’s potential than unleash it.

For Abe, scoring the Olympics was partly about unfinished family business. Though his beloved grandfather secured the 1964 Games, history has been less kind on account of Kishi’s wartime exploits. He was part of the cabinet of Hideki Tojo that ordered the 1941 attack on Pearl Harbor. In the mid to late 1930s, Kishi played various senior roles in Japanese-occupied Manchuria. It was a ghastly and brutal an episode as historians found amid World War II. Kishi beat the odds–and war-crime charges. He became prime minister in 1957.

Much of what’s driven Abe in politics can be described as Kishi legacy rehabilitation. In Abe’s first stint as leader from 2006 to 2007–and in the current one since 2012–he’s worked to whitewash Japan’s wartime aggression. Securing the 2020 Games was in part a historical bookmark to open yet another period of rebirth–this time from a two-decade deflationary malaise.

Might Japan be courting a post-2020 funk instead? I don’t just mean the debt-laden hangover from giant and costly facilities that will go underused. It’s more the 1964-like magical thinking behind the dialogue surrounding Tokyo 2020.

Indonesia’s bid for the 2032 Olympics has a certain logic. Surely, its infrastructure needs could benefit from becoming the fourth Asian nation to host the Games after Japan, South Korea and China. But Japan’s construction boom amounts to redundant upgrades to already highly developed megacities.

Japan has long since been discovered. A weaker yen, relaxed visa restrictions and aggressive marketing already morphed Japan into a tourism mecca. In 2018, Japan welcomed more than 31 million tourist arrivals, equal to one-quarter of the population. Already, cities like Kyoto are studying ways to limit tourism, or ease the side effects from overcrowding to pollution.

Asia’s No. 2 economy doesn’t need stadiums, but a societal transformation. It needs to rekindle its innovative spirits, increase gender diversity, reduce rigidities across industries, improve productivity and welcome more foreign talent to offset an aging and shrinking population–talent that stays on long after the five-ring circus of sporting events leaves town.

Abe views Tokyo 2020 as the key to the “revitalization of Japan.” The city’s governor, Yuriko Koike, says the Olympics can “usher in a new Tokyo.” But where are the underlying politics to bring about this epochal change? A few weeks of events will come and go. Japan, though, will be stuck with the same dismal demographics, the same crushing debt load, the same overbearing bureaucracy and the same risk aversion that starves it of a vibrant tech startup scene.

In the magical thinking of Abe’s inner circle, 2020 is a, well, game-changer. Just as 1964 was a chance for his grandfather’s generation to showcase technological advancements, 2020 is Abe’s moment to display Japan’s “Society 5.0” street cred. Trouble is, China, Korea and Indonesia also are moving upmarket and innovating. Indonesia, for example, has already produced twice as many “unicorns” as Japan.

Japanese society often does a poor job keeping up with technological change. A few weeks of medal ceremonies, it’s worth noting, will do little to restore Japan to its 1980s innovative greatness. It won’t increase productivity, internationalize corporate practices or end senior-based promotion practices that reward mediocrity. It won’t morph Tokyo into a global financial center or endear Japan Inc. stocks to overseas investors.

The Olympics won’t usher in a pro-growth energy policy that moves Japan away from coal and nuclear reactors. It won’t prod millennials or General Z members to take greater risks. It won’t narrow the gender pay gap or challenge Japan’s patriarchy. And it won’t incentivize companies to boost wages, kicking off the virtuous cycle Abe hoped to generate.

Only bold, forward-looking reforms can generate the upgrades needed to restore Japan to vitality. The economics of nostalgia in which Abe’s government is indulging only treats the symptoms of why Japan’s economy has underperformed for 20 years.

Sure, Japan is politically and societally stable. Nor have deflation and stagnant wages led to the kind fissures–crime remains low and homelessness rare–they might emerge elsewhere. But in the Chinese era, Japan has two choices. One, accept lower living standards as regional upstarts boom. Two, ramp up innovation that creates new jobs and wealth.

Clearly, option No. 2 is the wiser route. But if Tokyo thinks the Olympics is the answer, it’s setting itself up for failure. How did the 2016 Games work out for Brazil? Or 2012 for a United Kingdom torching its future with the brawl over Brexit?

Did the 2008 Games revolutionize China, which has become even more of a black box since then? In 2004, Greece won a gold medal for overspending and hastened the onset of a financial crisis from which it’s still extricating itself.

Japan isn’t courting a crisis. But history is almost sure to show that the seven years between winning the Games in 2013 and the actual event were a lost period for major policy moves to ensure forward motion. Japan needs to level the playing fields, not just provide a few for visiting athletes.

I am a Tokyo-based journalist, former columnist for Barron’s and Bloomberg and author of “Japanization: What the World Can Learn from Japan’s Lost Decades.” My journalism awards include the 2010 Society of American Business Editors and Writers prize for commentary.

Source: The Olympics Deserves Gold Medal In Economic Gloom

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Next stop: Tokyo! The Winter Olympics in PyeongChang just had their closing ceremony and that means the world turns it’s attention to Japan. The Tokyo 2020 Summer Olympic Games are 2 years away, and here is what we know right now. ▶︎ WHEN ARE THE TOKYO 2020 OLYMPIC GAMES? July 24, 2020 to August 9, 2020 ▶︎ The New National Stadium It’s built on the same site as the 1964 Olympic Stadium. Designed by Kengo Kuma, it’s a very natural design surrounded by a lot of trees and parks. ▶︎ The Venues: There are 34 Venues separated into 2 zones. ▶︎ Heritage and Tokyo Bay: The Heritage zone is where the 1964 Olympics took place. Tokyo Bay is where the aquatics center, BMX and Skateboard course will be as well as other event. There are 12 events outside of these zones including foot / soccer, baseball, basketball. ▶︎ Ticket Prices for Tokyo 2020 Olympics: The average ticket price will be 7,700 yen ($72) and the opening and closing ceremonies will be between 25,000 yen ($235) and 150,000 yen ($1,400). Tickets will be sold online and at designated ticket centers in Tokyo. There are 33 sports for the Tokyo 2020 Olympics including 5 new ones: Aquatics, Archery, Athetics, Badminton, Baseball / Softball, Basketball, Boxing, Canoeing, Cycling, Equestrian, Fencing, Field Hockey, Football / Soccer, Golf, Gymnastics, Handball, Judo, Karate Modern pentathlon, Rowing, Rugby sevens, Sailing, Shooting, Skateboarding, Sport climbing, Surfing, Table tennis, Taekwondo, Tennis, Triathlon, Volleyball, Weightlifting, Wrestling Within these sports, there are 324 events. Football / soccer actually starts 2 days before the opening ceremonies. URL: https://tokyo2020.org/en/ ★ ONLY in JAPAN on instagram: http://instagram.com/onlyinjapantv Music credits: “Running Fanfare” Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License http://creativecommons.org/licenses/b… Enter the Party by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/…) Source: http://incompetech.com/music/royalty-… Artist: http://incompetech.com/

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Masters Champion Tiger Woods: By The Numbers

The 83rd Masters will go down as one of the most memorable events in modern golf history.

Many fans point to Jack Nicklaus’ unexpected run to a sixth green jacket in 1986 at 46 years old as the ultimate Augusta moment, but Tiger Woods, who has been chasing Nicklaus’ legacy his entire career, might have just topped the Golden Bear.

Woods, decked in his trademark red, won the Masters by one stroke Sunday, holding off a stacked leader board of seasoned, elite golfers. It was a moment that many sports fans thought would never happen after a series of back surgeries pushed Woods to the brink of retirement.

Americans love to see their brightest stars fall, and few have fallen from a higher point than Woods, who was the most marketable athlete on the planet for a decade-plus. But the one thing Americans seem to love even more is the redemption story. Sports fans had waited 11 years for Woods to take another step toward Nicklaus’ hallowed record of 18 major titles.

Woods’ Tour Championship win last year was an indicator of what was to come, and he’s once again a marketing force. Woods and Phil Mickelson had a $9 million winner-take-all pay-per-view event in November, and Woods signed a multiyear content deal last fall with Discovery’s new over-the-top streaming service, GolfTV. He will do weekly golf instructional videos and is set to do a series of showdown-type events in Asia as part of the Discovery partnership.

Here are some of the numbers behind Woods and his history at Augusta.

4: Back surgeries for Woods.

5: Wins at Augusta for Woods, but the most recent was 14 years ago. It is the longest gap between Masters wins ever.

11: It has been just shy of 11 years since Woods won his last major tournament (2008 U.S. Open).

11: Number of times Woods has won the Player of the Year award.

12: Woods’ current rank in the World Golf Ranking.

16: Woods’ rank last year among the world’s highest-paid athletes. He earned $43.3 million.

20: Woods has made the cut in all 20 of his Masters appearances.

21: Woods was the youngest Masters champion ever when he won in 1997 at 21 years old by a record 12 strokes.

35: Number of players who had won a major title since Woods’ last Masters win in 2005. That span covered 55 tournaments.

43: Woods is the second-oldest Masters champion, with only Nicklaus having been older when he put on the green jacket.

81: Career PGA Tour wins for Woods, one shy of Sam Snead’s record.

281: Consecutive weeks Woods was ranked No. 1 in the world between 2005 and 2010.

$1.19 million: Payout for a bettor who put down $85,000 at 14/1 odds at William Hill’s Las Vegas sportsbook on Woods to win. “It’s great to see Tiger back. It’s a painful day for William Hill—our biggest golf loss ever—but a great day for golf,” says Nick Bogdanovich, William Hill U.S.’s director of trading.

$2.07 million: Woods’ prize money for the 2019 Masters win.

$20 million: Value of his yacht Privacy.

$20 million: Estimated value of Woods’ PGA Tour pension plan.

$800 million: Estimated net worth for Woods.

$1.5 billion: Cumulative career earnings for Woods, including prize money, endorsements, appearance fees and golf course design fees.


Follow me on Twitter or Facebook. Read all of my Forbes stories here.

I am a senior editor at Forbes and focus mainly on the business of sports and our annual franchise valuations. I also spend a lot of my time digging into what athletes e…

Source: Masters Champion Tiger Woods: By The Numbers

Badminton rules and regulations – The definite guide to playing badminton

Badminton is one of the oldest sports in the world, having existed since the 16th century. It is an indoor sport marked by the simplicity of its mechanics and is popular in Asian countries such as India and China. In playing, the goal is to use a racket to hit the shuttle so that it passes over the net and reaches the opponent’s side of the court. When a player succeeds in doing this, a rally is won. The player with more rallies wins the game.Read more…..

Source: Badminton rules and regulations – The definite guide to playing badminton

The World’s Most Valuable Esports Companies – Mike Ozanian & Christina Settimi

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The nascent esports industry resembles the Wild West. Esports companies are constantly buying and selling teams and players to compete in the best leagues and build audiences on Amazon’s Twitch and Alphabet’s YouTube. Facilities are being built where gamers can train. It’s a shootout to see who can be the biggest and baddest brand. There are some similarities to traditional sports leagues. Riot Games began selling franchises for $10 million a pop for its game League of Legends in the summer of 2017……..

Read more: https://www.forbes.com/sites/mikeozanian/2018/10/23/the-worlds-most-valuable-esports-companies-1/#181eaa066a6e

 

 

 

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